What Does it Take to Become a Director of Business Development?

Answer 1

For those individuals aspiring to reach the pinnacle of their business career, becoming a director of business development is the ultimate accomplishment. Relied upon for having strong business acumen, directors of business development must be excellent negotiators who are able to quickly identify and close on business opportunities in new and emerging markets. In fact, the director of business development must not only have vast experience in sales and marketing, but must be well versed in all aspects of business management. This includes a solid understanding of finances, operations and budgeting. In every way imaginable, a director of business development is in charge of the eventual success or failure of a company’s new market pursuit. They have P&L (Profit & Loss) responsibilities, must be adept at market research and product trend analysis and may even be asked to head up a company’s new SBU (Strategic Business Unit). They are tasked with every aspect of making a company’s new product or service a success. It’s this responsibility for commercialization that makes this position such an important one. For anyone interested in becoming a director of business development, what is the education and experience needed and what are the salary expectations?

Degree in Business Administration, Operations Management, and or a Masters in Business Administration

It’s fair to say that there really isn’t an “entry level” position. While someone may be able to be newly hired as one, it takes years of education and experience to become a director of business development. However, individuals with business administration degrees who work in both sales and marketing are often on a fast track to reaching this position. An MBA (Masters in Business Administration) is always a plus and helps to solidify someone’s candidacy.

Salary expectations for business development directors

Without a doubt, the salary is quite substantial. Because of the level of education and experience required, directors of business development often occupy a company’s highest pay scale. It’s typical for them to start at $150,000.00 with incentives and bonuses. Most often these positions include perks such as company cars, stock options, profit sharing and performance based incentives on the success of new product commercialization. In many cases, there simply isn’t a limit to their pay scale.

While it takes years of experience and education, becoming a director of business development is quite an accomplishment. It affords individuals the opportunity to head up their own business department and allows them to determine the ultimate success or failure of a new product or service.